China’s entertainment industry will be worth 1 trillion yuan (US$145 billion) by 2020, almost triple last year’s valuation.
Booming web dramas, online paid subscriptions and new capital and companies entering the sector are behind the rapid financial growth, industry officials said yesterday during the Shanghai TV Festival.
Revenue from web dramas is expected next year to surpass that of TV dramas for the first time, thanks to huge investment and integration between online video and game, cartoon and other industries, said executives from firms including iQiyi, Tencent and game firms.
Web drama content will become more diversified and closer to reality to attract a wider range of audiences, compared with the current focus on fantasy and fiction said Wang Xiaohui, chief content officer of iQiyi.
IQiyi, which has signed cooperation with Netflix to introduce its dramas into China, said consumers are willing to pay more for high quality content.
The entertainment market revenue will hit 1 trillion yuan by 2020, compared with 380 billion yuan in 2016, according to iQiyi.
Game firm Linekong, which established a film production subsidiary in 2016, released 16 new film and drama plans at the TV festival.
Film and net drama and game are expected to become “dual growth engines” for the Hong Kong-listed company.
Tencent Penguin Pictures, the film production unit of China’s top dot-com giant, released 60 dramas during the TV festival, with popular topics, including fantasy and adventure.
SOURCE: Shanghai Daily